JOHNSON & JOHNSON - Director's Dealing 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: JOHNSON & JOHNSON (JNJ)
CIK: 0000200406
Period of Report: 2005-09-16

Reporting Person: PETERSON PER A (Executive Committee Member)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-09-16	Common	M	10000	$26.00	Acquired	36277	Direct
2005-09-16	Common	S	10000	$64.48	Disposed	26277	Direct
2005-09-16	Common	M	2400	$40.16	Acquired	28677	Direct
2005-09-16	Common	F	1497	$64.37	Disposed	27180	Direct
2005-09-16	Common	M	1900	$50.08	Acquired	29080	Direct
2005-09-16	Common	F	1478	$64.37	Disposed	27602	Direct
2005-09-16	Common	M	2200	$44.30	Acquired	29802	Direct
2005-09-16	Common	F	1514	$64.37	Disposed	28288	Direct
2005-08-31	Common	J	10	—	Acquired	767	Indirect

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-09-16	Employee Stock Option (Right to Buy)	$26.00	M	10000	Disposed	2006-12-04	Common (10000)	Direct
2005-09-16	Employee Stock Option (Right to Buy)	$40.16	M	2400	Disposed	2008-12-02	Common (2400)	Direct
2005-09-16	Employee Stock Option (Right to Buy)	$50.08	M	1900	Disposed	2009-12-01	Common (1900)	Direct
2005-09-16	Employee Stock Option (Right to Buy)	$44.30	M	2200	Disposed	2010-05-24	Common (2200)	Direct

F1: Adjusted to reflect two-for-one stock splits in 1996 and 2001.

F2: Shares acquired under Johnson & Johnson's 401(k) and ESOP Savings Plans at Plans' most recent reporting date (08/31/2005).

F3: Awarded under Issuer's Stock Option Plan and exercisable in increments of 20% per year starting two years from date of grant.

F4: Awarded under Issuer's Stock Option Plan and exercisable in full starting three years from date of grant.

F5: Adjusted to reflect two-for-one stock split in 2001.